Los Angeles daily herald., 1887-06-16
EASTERN NEWS.
The Bears Still Raiding the
Wheat Market.
BRIGHTER PROSPECTS AHEAD.
TOpers at st. Louis Alarmed by a
Threatened Enforcement of
the Sunday Law.

| neeoSiutCu 1903 fAbpdbChcb w thJ hhhALl
CHICAGO, June l5.-K ershaw & Com
|, pany are officially posted as havinl
failed TO 80 through the clearing hous e
This means their collapse. The imme
dia,e cause of the failure is due tt
Rosenfeld & Company, who garnisheet
kershaw's account in the American FIX
change National Bank. An extra edi
ton of city paper says the indications
are that Kershaw & Co. will pull
through and that dozens of big failures
imminent will be averted. Wiltshire, ol
Cincinnati, the head and front of the
wheat clique, with number of friends,
is in town with money to back Kershaw.
Kershaw said just before the opening OF
the Board this morning: II will pay
my difference to-day and margin to the
market" Wiltshire said: ''Kershaw
has money and will go through all right
to-day"
oPENING SCENES.
There was an enormous crowd on the
floors and galleries of the Board of Trade
long before the opening hour this morn
ing. When the bell sounded at $50, o
roar went up and the days session be.
gan. The first sales of wheat were at
75a for June, rs for July, an advance of
Z and respectively. Soon after the
opening President Wright announced the
suspension of four small firms: j. II.
Youst 4 Co., B. J. McCleary, S. G. Orr
and Pickering & Co. The suspension of
these firms did not cause any excitement.
At II:30 A. NJ. four more failures were
announced on Change. The firms are
L. B. Bellas & Co., Crosby & Co., Hib.
bard & Co., and M. B. Crosts. Bellas l.
Co. claim to be even on the markst. The
sus pension of Hubbard q Co. and Crosby
& Co. caused surprise, as both came un.
expectedly. Hubbard b Co. claim to be
solvent. Liberal orders for buying
wheat came in from outside points and
the market became stronger. June sold
up to 74c and was quoted at 1870 with
stronger tendency.
THE CLOUDS BREAK.
The day closed with the prevailing
feeling that the worst is now over. An
announcement that Kershaw & Co. will
be able to pay their obligations has cre-
ated intense excitement.
The closing half hour witnessed an al-
most complete subsidence of the intense
excitement which has prevailed. When
July wheat broke to seventy cents,
shortly after noon, an announcement
that Kershaw had failed to meet his
clearing. house differences was posted,
but it seemed to have little or no effect
on prices. 1t is said he could meet all
claims against him ii Rosenfeld had not
garnisheed his money, which checked
him, by tying up about a million dollars
which, rumor says, he had to his credit.
ON THE WRONG SIDE.
The following firms also failed to go
through the Clearing House: s. ID.
Eldridge, M. B. Crofts & Co., H. X.
Matthews, Youst Il Briefly, B. J. Nc.
Cleary, HI. J. Youst & Co., s. M. Rob.
inson, Hebberd & Co., and Pickering &
Co. Just before the close of session
7. B. Eldrige & Co. announced that
they were even on the market and re.
quested that their trades should not be
closed out. During the last hour July
wheat fuctuated between 7ls @ 72s,
the latter figure being the highest of the
hour.
EFFECT ON SHIPMENTS.
The break in the wheat corner and
the excitement on tie Board of Trade
has had the effect of cutting off for the
time all grain shipments, both for export
and Eastern consumption. Shippers
here are all at sea regarding prices, and
can do nothing until the panic is over
and trade settles back into its legitimate
channel. 1t is believed in railroad
offices that shipments will not be re-
sumed before the first of the week, al
though all interested officials agree in
asserting that the restoration of wheat
to normal prices will have the effect to
swell east.bound tonnage for the next
three months to double its usual proper.
tions.
LEGAL PROCEEDINGS INSTITUTED.
In circuit court to-day suit was com.
menced by the failed firm, Rosenfeld &
Co., against Wiltshire, Eckert & Co., of
Cincinnati, for 100000. A deputy
sheriff secured service during the after
noon on Wiltshire while the latter was
engaged in conference in Dearborn
Street Bank. Mr.. Rosenfeld said
tonight that the suit was entirely of a
civil nature, but what developments
would be made he was not prepared to
state. The suit had been brought in a
hurry in order to secure service on Wilt.
shire while he was in town and the
details of proceedings were still in
chaotic state. The basis for the suit is
the defendants failure to put up mar
gins as they agreed to. Willis hire
would not be interviewed on the subject
and left the city this evening.
Frank johnson, of the firm of Rosen-
field & Co., was asked this evening for
definite statement regarding the alleged
attachment of Kershaw Il Co.'s Bank
to-day by his firm. He denied it en-
phatically, but would enter into no dis
cussion. e
| LATEST DETAILS.
| The aspect of affairs in the office of G..
J. Kershaw 4 Co. this afternoon was
very different from that of the previous
day. when it was the center of consola.
| tlOn anu mtuluoTb VI uozouS VI uOuhos
passed to and from the presence of their
expected preserver. Now the head OF
the firm sat alone in his private Office
and the few who sought an interview
were sternly denied. Clerks on
outer apartments had ceased to
labor on the books and stood
about whispering over the gloomy out.
look. About 3 P. NJ. an unexpected
visitor arrived in the person of Deputy
Sheriff Burke. He was armed with q
writ of attachment against the firm in
favor of Geo. d. d. Baldwin h Co.
The writ was served on Mr.. Kershaw,
| after which he went home. Handfuls o
! attachments were taken out by various
, parties against number of the embar
rassed firms and it is thought that al
the firms were served upon. So far as il
known but one of the failed merchanti
forasaw the danger of such an even,